All Forum Posts by: Kevin Berry

I use rentprep.com.   Not only solid but great customer service as well.   They get it.  

I dont understand how in this case the tenant is better off only paying for the time the house sits empty (unless part of the story is missing).   At any rate, this doesn't sound like a problem tenant and they are being upfront asking to be let out of the lease early.   Why make such an issue out it.   Come to an agreement such as having the tenant help you find another tenant - they help you advertise, spread the word, and show the property, etc. in exchange for breaking the lease.   You are then covered with a new tenant in place and the current tenants are free to go - a win win situation.  Easier than the hassle with time and money wasted on pursuing legal avenues.  

@Travis Luzader Have you tried Rentec customer support?   I've seen an 800 number on their website and claims of them being strong in the support department.  Good luck to you!

Hi Stephon,  To follow up with Colton, yes you need to find an "investor friendly" real estate agent.  Unfortunately, the average real estate agent is more sales oriented and deals with homeowners - that's what they know.  To find an agent that truly understands your vision find one that invests in real estate themselves.  They will understand what you need.  Good luck my man! 

@Dan Tunstall, Welcome!    Is Floorfolio available at retail outlets?   A quick internet search only shows the manufacturer - with a freight/shipping charge?        

I second luxury vinyl planks   Cant be beat for durability and looks good too.  

Hi Brooke,   I am a VT native but currently living out of state in Boston.   I am a real estate investor with a property in VT and thoughts of expanding there at some point.   The majority of my investing is out of state as the cash flow opportunities seem easier to attain (at least in my position).  But I am always interested in VT and open to any possibilities there.  Keep in touch about your endeavors when reaching VT.  And have a good, safe, easy move.  

I see @Darius Ogloza 's point and respect the logic.  However, he is forgetting lauren is spending 200k to buy her brother out of the property (likely with a bank loan).   If then she turns and sells her profit is an additional 200k.   Yes, lauren will have 400k in her hand initially after a sale but only until she pays her initial 200k back to its source.   Leaving her with 200k minus realtor fees, taxes to state and federal, possibly capital gains, etc. leaving her with less than 200k.

No matter how you look at it obtaining a $400,000 house that has been updated and needs nothing at 50% below market value is a great deal for anyone.

If want to make a money play similar to Darius's comment, I would suggest after buying brother out and renting the house, look into refinancing.   As an example:  a cash out refinance should net approx. $300k in hand and STILL own the $400,000 house.   Therefore, keeping the initial $2650 value in rent and build upon it instead of taking away (not to mention increasing any total portfolio value).

Lauren,   Sorry for the loss of your father.  I can understand the feelings you're experiencing in determining what to do with your family home.   I went thru the same scenario 3 years ago.  I bought my brother out and am continuing to rent my home today.   

I agree with Julio above and agree the numbers make sense and are well worth it.  $2650/mo in rent is above the 1% rule.  Who cares what the total value of the home is in determining if renting makes sense as long as you obtain positive cash flow.   I dont know many who would turn down a deal (house) when offered at half price.  

On a personal level, consider your keeping the house as a way of carrying on your parents legacy.  They worked hard to obtain and maintain a safe place for your family.  You are perhaps holding this to pass on to your children or future family members.  These family values outweigh any monetary value.

On a side note, if at first showing and dealing with the details of renting are too much - consider a property manager or a friend to help.  Good luck with your endeavors whichever way you choose.